Empower Money Advance App Evaluate 2024

The Empower app stands out within the fintech scene as a sensible resolution for gig employees and others who want a versatile option to handle private funds and typically inconsistent earnings.

It’s recognized for providing money advances with extra lenient necessities than conventional banks and different comparable money advance apps. Empower offers fast entry to money with out the effort of a credit score test or paying predatory payday lender charges.

This Empower overview will cowl how money advances and different Empower app options work. We’ll let you know what you’ll want to learn about this product and customary reader questions — together with different comparable mortgage merchandise.

What’s the Empower App?

Empower is a cell cash administration app that provides money advances to employees who want a small advance earlier than payday.

The quantities are smaller than what different apps might supply, however Empower is understood for its rapid-fire velocity in getting customers their cash immediately, in addition to its thinner credit score necessities.

Past small money loans, Empower is a flexible fintech cell app. Empower options funds and spend trackers, credit score monitoring, and different instruments to assist customers lower your expenses and handle their funds extra successfully.

Empower will not be a financial institution itself. It does supply some cell banking providers by means of NBKC Financial institution, Member FDIC, and Empower Thrive is offered by FinWise Financial institution, Member FDIC.

How the Empower App Works

The Empower app presents three (3) main providers:

• Money advances: Get an advance of as much as $250 with no curiosity, no charges, and no credit score test. The money is deposited into the identical checking account the place your paycheck is deposited, or onto your Empower debit card.
• Thrive: A credit score line designed to (re)construct credit score, get a credit score line beginning at $250 that may be raised to $1,000. There’s no minimal credit score rating required for Thrive and on-time cost historical past is reported to Equifax and Experian. Month over month, accountable debtors can entry an more and more larger restrict.
• Debit card: Utilizing the Empower Card means you will get speedy entry to money advance funds and receives a commission up two (2) days sooner in case you have direct deposit arrange. There are additionally cash-back rewards of as much as 10% for purchases made with the cardboard.

Charges, Withdrawals, Compensation

Empower presents customers a free 14-day trial, after which there’s an $8 month-to-month subscription payment to make use of the app. For money advance customers, there are not any further curiosity or late charges.

Curiosity

For the Empower Thrive line of credit score, the APR is 0% should you repay the road of credit score in full earlier than your subsequent paycheck. In any other case, the APR is 35.99% (besides the place native state legal guidelines require a distinct charge). Missed funds might incur late charges and different expenses.

Entry to Funds

If authorized for a money advance, the cash is transferred to your checking account or your Empower debit card. There’s no payment for a daily ACH switch to your checking account which can take as much as 5 (5) enterprise days to clear. (Some debtors will get the funds inside 1-2 days.)

There’s additionally an immediate supply possibility for funds to be expedited to your common checking account.

On the spot Supply Quantity | Price

• $0-$10.00 | $1.00
• $10.01-$49.99 | $2.00
• $50.00 – $74.99 | $3.00
• $75.00 – $99.99 | $4.00
• $100.00 – $149.99 | $5.00
• $150.00 – $199.99 | $6.00
• $200.00 – $249.99 | $7.00
• $250.00 or extra $8.00

For Empower Thrive, charges are $1 to $8 for as much as $300. After $300, the payment is 3% or $20 — whichever is much less.

Compensation

Compensation for an Empower Money Advance is routinely debited out of your checking account on payday or different scheduled date.

For Empower Thrive, you’ll be able to arrange custom-made cost choices.

Eligibility Necessities

Whereas there is no such thing as a credit score test for money advances, the Empower app does think about different data to find out your means to repay a mortgage. It should overview data from an externally linked checking account similar to paycheck quantities and spending habits, and resolve what quantity you’ll be able to borrow. If authorized, you’ll be able to obtain an advance of $10 to $250.

Moreover, debtors have to be 18 years or older, have a Social Safety quantity, and have a checking account that’s not less than 30 days outdated.

Extra Empower App Options

Past money advances, the Empower app has many different financial savings and budgeting options that can assist you monitor your spending habits and credit score rating, construct wealth, and enhance your general monetary wellness.

Credit score Rating Monitoring

Empower app customers can view their credit score scores throughout the app. Empowers reveals an in depth breakdown every month of various points, similar to invoice cost historical past or credit score utilization, that may impression your rating. The app will supply customized suggestions to extend your rating.

Budgeting Instruments

Empower can also be one of many greatest budgeting apps you’ll discover. It screens your month-to-month bills and incoming deposits and provides you an in depth report of the place your cash goes. It might assist you to set budgets throughout totally different spending classes, and supply alerts or reminders for paycheck deposits, payments, and purchases in sure classes.

This perk is out there for all Empower customers, even those that are connecting an exterior checking account to the Empower app.

Automated Financial savings

The app’s autosave characteristic makes it easy so that you can lower your expenses and steadily develop your financial savings account or wet day fund.

Savers can use a handbook or AI possibility. With the handbook possibility, you resolve what greenback quantity from every paycheck Empower ought to routinely put aside in your financial savings.

With the AI mode, you set a weekly financial savings aim and the app will transfer cash out of your checking to financial savings within the most secure, most effective approach potential. Its aim is to put aside as a lot as you’ll be able to afford to save lots of with out working out of cash for different common bills.

Getting Began

If you would like a money advance from Empower, right here’s easy methods to get began.

1. Obtain the free app on Google Play or Apple. Many different apps have comparable names. Make sure that the app developer listed is Empower Finance. Or obtain it from the Empower.me web site.
2. Arrange your account. Present your cellphone quantity and anticipate Empower to ship you a verification code. Then present the verification code, and enter your identify, electronic mail deal with, birthday, and set a password.
3. Join an exterior checking account — choose the one you utilize to obtain paycheck deposits.
4. Request a money advance and see what advance quantity, if any, you’re authorized for.
5. Select a supply technique to get your funds. You may choose the moment supply possibility, for a small payment, to get your funds inside an hour.

Empower will withdraw the quantity they’ve superior you, plus any specific supply charges, out of your checking account on the due date.

The account set-up course of typically goes fairly easily, nevertheless, in some cases, chances are you’ll be requested to offer further paperwork to confirm your id similar to a driver’s license or army identification card.

Options to the Empower App

There are various apps just like Empower that may additionally supply a money advance to customers who want a money injection earlier than payday. Three (3) different various apps to think about are Dave, Earnin, and MoneyLion. All if these apps work on iOS or Android units.

Dave

This money advance app will spot you as much as $500 to cowl bills whilst you wait in your subsequent paycheck.

There’s a $1 month-to-month membership payment and extra charges (of $3 to $25) to get your funds superior on the identical day as a substitute of ready for the conventional processing time of as much as three (3) enterprise days.

Moreover, customers should open an ExtraCash account to be eligible for money advances.

Earnin

One other fashionable money advance app, Earnin, will advance you as much as $750 per pay interval (or $100 per day) for hours that you’ve already labored. Earnin has no credit score test necessities and presents a fee-free, interest-free advance. The advance is routinely repaid with a debit in your subsequent scheduled payday.

Earnin has no month-to-month subscription payment, however as a substitute, customers tip the corporate no matter they consider is truthful for the service they supply. The app won’t report these funds to the credit score bureaus, so it won’t construct (or hurt) your credit score rating.

MoneyLion

Much like different money advance apps, MoneyLion offers interest-free money advances with no credit score checks. Preliminary money advances, nevertheless, begin out low. First-time debtors will qualify for simply $10. As you construct a historical past of repaying these advances, you’ll be able to unlock larger quantities — as much as $500.

Customers should have a linked, exterior checking account and meet different fundamental eligibility necessities.

MoneyLion additionally presents Credit score Builder Plus, a product just like Empower Thrive. It is a mortgage product that doesn’t require a tough credit score pull. It’s meant as a device for customers to determine and construct a constructive credit score historical past. To make use of Credit score Builder Plus, there’s a $19.99 per 30 days payment.

To this point, Empower has not supplied conventional promotions (i.e. coupon code to save lots of 15%) the best way you may anticipate with retail apps. Nonetheless, Empower does have its personal bonuses and incentives to encourage customers to try to advocate the app.

Free Trial

First-time prospects can get a free 14-day trial. On the finish of the trial, Empower will cost an auto-recurring subscription payment of $8 per 30 days. You can’t cancel our membership after which join a brand new free trial after you could have already had 14 days free.

Referral Rewards

Refer pals to the Empower app and also you and your buddy will every get a $5 reward. To qualify, the buddy should settle for your invite, begin an Empower subscription, and settle for a money advance inside 30 days.

The bonuses are paid out inside two (2) enterprise days after the referred buddy accepts their first money advance.

Safety

Empower makes use of business greatest practices to guard your private information from loss, misuse, or unsafe storage or entry. This consists of the utilization of multifactor authentication (MFA) strategies and information encryption.

Buyer Assist

There are a few methods you’ll be able to attain Empower customer support.

• Electronic mail: Ship messages to [email protected]
• Cellphone: Name 1 (888) 843-8967. Cellphone traces are open 6 a.m. to three p.m. PST Monday to Friday, besides on holidays.
• Useful resource library: Empower has a strong assist middle stuffed with articles and FAQs to troubleshoot points and reply the commonest person questions.

Buyer Critiques

Shopper response to the Empower app has been overwhelmingly constructive. It has extraordinarily excessive rankings on Google Play and the Apple App Retailer (4.7 stars and 4.8 stars, respectively, based mostly on over 300,000 whole opinions).

Critiques on the Higher Enterprise Bureau (BBB) web page are extra crucial. Complaints focus on prospects sad with the $8 month-to-month subscription payment (for not canceling their free trial in time). Additionally, many customers go away damaging opinions for Empower Retirement Planning, a very totally different entity owned by the Empower Annuity Insurance coverage Firm of America, on the flawed web page.

Listed here are some related opinions from actual customers of the Empower Finance (money advance) app:

This app is unimaginable, to say the least. $200 immediately despatched to you, a $7 immediate switch payment, pay the $207 again in your subsequent paycheck. After efficiently paying again an advance, you’ll be able to unlock the flexibility to get Thrive which stories to the credit score bureaus, builds credit score historical past, helps your credit score rating climb, and permits for larger advances as much as $1,000. the ONLY factor that may make Empower higher is should you may do cut up funds (ie: borrow $1000 and pay again over time.) In any other case it is good!

I am a journey journalist. I wanted cash as a result of financially the automobile repairs cleaned out my meager checking account. I learn the opinions and selected Empower, they’re precisely as marketed… No surprises OR hidden charges. I took a leap of religion. Empower most undoubtedly got here by means of for me. Completely, & with out reservation, I’d select them. They are a Firm…not simply an app!

One of many ONLY mortgage apps that’s HONEST! I’ve been utilizing the app “Empower” now for a few month and to this point so good, I principally have zero complaints apart from one. Once I first obtained supplied a money advance it was $10 which is comprehensible since I used to be a first-time buyer. I repaid on time and obtained supplied one other money advance for $25 which actually helped me…however now I’m on my 4th advance with Empower and so they nonetheless haven’t supplied me greater than $25 although my account is in good standing…

Execs and Cons

We shortly addressed a few of the execs and cons of utilizing the Empower app in our intro, however right here’s a deeper look.

Execs

• Flexibility eligible standards with no credit score test: There’s no credit score pull, exhausting or comfortable, to get an advance. The platform is extra involved with incoming earnings and a confirmed means to repay the quantity.
• Advances are funded inside in the future: Empower debit card holders can get the funds inside an hour. Different prospects will pay an extra payment to get the funds immediately.
• Gig employees and freelancers may additionally qualify. These less-traditional employees are normally not in a position to entry loans and comparable monetary merchandise with favorable client phrases.
• Budgeting and credit-building options. Many instruments throughout the app promote monetary wellness and higher cash administration.
• A lot better various to payday Payday mortgage merchandise are notoriously predatory, and cost rates of interest as excessive as 456% in some states.
• Refunds customers if the app causes an overdraft payment.

Cons

• Loans are smaller than different money advance apps. Different comparable apps like Dave, MoneyLion, or Earnin, will advance as much as $500 to $750.
• Month-to-month subscription charges of $8. Nonetheless, that is less expensive than the curiosity you’d be charged for a payday
• An empower card is required free of charge, speedy money advances. In any other case, you will want to pay a payment to get the advance funds on the identical day requested.
• No person notifications earlier than reimbursement Funds are withdrawn on the pre-agreed-upon date (payday), however there is no such thing as a reminder or alert earlier than this occurs. You’ll should set your individual calendar alert.
• Can take some time for Empower to extend your authorized money advance quantities. Within the app opinions, some customers state they can’t get authorized for greater than $25 after repaying 4 (4) or more money advances in a well timed method.

Incessantly Requested Questions

Listed here are a few of the most typical FAQs that readers have about utilizing the Empower app for money advances.

Can You Belief the Empower App?

Sure, Empower is a reputable and secure app that has wonderful rankings within the Google Play and Apple app shops. You may learn opinions from 1000’s of subscribers who’re proud of the service that Empower offers.

Moreover, Empower is a US-based firm (headquarters in California) with US cellphone and electronic mail assist.

How Lengthy Does It Take to Get an Advance from Empower?

Based on Empower’s web site, 98% of immediate money advances arrive inside quarter-hour, usually sooner.

They do warning that it may take as much as two (2) hours to obtain an immediate fund request.

For the standard money advance, it might probably take as much as 5 (5) enterprise days nevertheless most debtors will get their funds inside one (1) enterprise day.

How A lot Will I Qualify for with Empower?

At current, the typical borrower qualifies for a money advance quantity of $140. Advance quantities vary from $10 to $250 based mostly on Empower’s eligibility standards.

Why Did Empower Decrease My Money Advance?

Empower can change or decrease your typical money advance quantities based mostly on any modifications (they predict) in your means to repay the advance. They are going to look over your checking account transaction historical past, reimbursement exercise, drops in earnings, or will increase in spending.

How Do I Use Empower With Money App?

You should use Empower with Money App and different digital wallets and cell cost platforms like Venmo.

• Log into your cell cost service account.
• Hyperlink your Empower account by utilizing your cellphone quantity and passcode.